The Uzbek Senate at its Tuesday plenary meeting approved the 2017 state budget with a 1% of GDP deficit or 2.4 trillion soums ($750 million).
The draft budget, which was approved by the lower house in November, was presented by the First Deputy Prime Minister and the Finance Minister Rustam Azimov.
The revenues are planned at 19.2% of GDP or 44.5 trillion soums (about $ 14 billion) and the expenses - 20.2% of GDP or 46.9 trillion soums (14.7 billion dollars).
Minister Azimov said that the tax burden on the economy in 2017 will be down to 18.9% of GDP against 20.2% as of the end of 2016.
The state budget parameters have been approved in view of the planned GDP growth forecast in 2017 of 7.8%, industrial output increase by more than 8%, agricultural output increase by 6.2%, increase in the volume of capital investments - by 9.6% .
Uzbekistan’s 2016 state budget was also approved with a 1% of GDP deficit, or 2.2 trillion soums (about $ 690 million).
